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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 30, 2014 - 2:55 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE))
Monday”s narrow ranging at Friday”s low had fulfilled the requirement to remain under pressure, and had created no new lower objective. So, breaking lower Tuesday is doubly bearish — not only for creating a gap down that will require being filled eventually from above, but also for not exploiting a potentially bullish setup.

Gold Dec Contract (GC, ETF: (GLD))
The ongoing delay in recovering above 1220.80 was an accident waiting to happen that finally did. An overnight drop gapped down Tuesday to fresh lows. A complete recovery to 1220.80 was retraced entirely back down to fresh lows at 1204.30. Just closing under 1212.00 signals a breakout underway targeting 1167.50, to be confirmed by a second consecutive lower close Wednesday.

Silver Dec Contract (SI, ETF: (SLV))
Monday”s addition to the ongoing sideways ranging launched a break lower overnight that remained under pressure throughout Tuesday, never threatening to turn positive. Closing under 17.12 for a second consecutive session Wednesday would confirm the breakout, targeting 15.65.

30-year Treasury Dec Contract (US, ETF: (TLT))
An overnight pullback from Monday”s test of 138-16 resistance touched last week”s 138-00 highs as support but never reversed momentum down. Tuesday”s intraday recovery back to unchanged around 138-10 keeps alive potential for the corrective rally to probe fresh high.

Crude Oil Nov Contract (CL, ETF: (USO))
Deflation fears dragged Crude Oil back down nearly $2 to the 93.00 buy signal, where the drop inflected down sharply to test 90.85. There is no lower support whose test would be bullish. Closing without delay back above .92.00 may be the only way to avoid a more destructive decline..

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday ranging around 4.15 didn”t reject the rally, which is targeting 4.25 so long as pullbacks continue holding 4.08 as support.

Posted in Daily Spot